Users must know that instead of a straight purchase as one does with cash for a product, Unocoin enables users to buy vouchers using a digital coin.
New Delhi: Here comes a piece of good news for the people of the country who want to use Bitcoin for purchase of their daily goods. As per a report by News 18, cryptocurrency wallet will now allow its users to purchase everyday consumer items using Bitcoin
However, users must know that instead of a straight purchase as one does with cash for a product, Unocoin enables users to buy vouchers using a digital coin. After they purchase the vouchers, they can use it for the purchase of daily items. The exchange has put out parameters that allow users to transact with Bitcoin worth Rs 100 to Rs 5,000 to buy the vouchers.
As per the updates, the company will feature the brands whose vouchers can be bought on its mobile app. The users can find it under the ‘Shop’ section. The Mobile app will allow cryptocurrency holders buy these vouchers for different cash amounts that are equivalent to the Bitcoin rate.
After the purchase of the voucher is done, the corresponding amount will then be deducted from the user’s crypto wallet in the form of Bitcoin. After the deduction is complete, the voucher code will be forwarded to the customer, which can be used against the corresponding brand to avail the purchase of certain items. This is how the transaction happens using Bitcoin. However, it must be noted that the Unocoin is not the first of its kind to attempt such a scheme. Before Unocoin, came Zebpay, which partnered with Flipkart to give its customers vouchers for Bitcoin.
It is worth mentioning here is that Unocoin is the first in terms of being an Indian crypto wallet which is being used in India now. It was incorporated in 2013 and paved the way for other crypto wallets over time. Eventually, Unocoin diversified and undertook the exchange model as well.
Talking about the growth that Bitcoin has seen, Siddharth Menon, the COO of WazirX told News 18 that Bitcoin managed to close above 200 day moving average which indicates the bulls are returning back. He added that the onchain analysis indicates the dip has been bought by long term holders and we are not seeing any profit booking like we saw in 2018 after the top of $19600 on Bitcoin.
It must be noted that the total crypto market volume over the last 24 hours was $119.24 billion which points to a 9.36 per cent increase.
